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that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job, and lays the groundwork for future progress. such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow to come to a vote. if they still want to vote no, that is their prerogative. but they should let everybody else vote as well. that is the way this is supposed to work. we cannot afford a politically self-inflicted wound to our economy. the economy is growing. the folks you sent to washington have to do their jobs. the housing market is healing, but that could stall if folks are seeing smaller paychecks. unemployment rate is lowest it has been in 2008, but already families and businesses are starting to hold back because of the disfunction they see in washington. you meet your deadlines. you meet your responsibilities every single day. the folks you sent here to serve should do the same thing. we cannot let washington politics get in the way of america's progress. we've got to do what it takes to protect the middle class, prot
and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> now what would be in that mini deal? we're talking about tax increases for people at near the top of the income scale. the question is the threshold, 400 or $500,000 are the likely places that that could end up. it would likely turn off the automatic sequester by using some of the revenue from the tax increases to account as budget cuts and turn off they is quester and it would also extend unemployment benefits and do the so-called doc fix to prevent reimbursements from declining and also have a milk fix, michelle that would prevent the doubling of milk prices which would occur without an extension of subsidies. >> why aren't people more optimistic? i haven't heard about enough spending cuts that would bring republican spending cuts. why are republicans more optimistic now? >> they're concerned spending cuts would not be a part of this deal. i talked to an aide who s
that has the pedal to the metal. what you and i have talked about before repeatedly, $4 in taxes for every dollar in phantom spending cuts. that's fiscal irritation, but the health of corporate america will be what ultimately prevails. >> sounds like david has been reading your book, rick santelli. >> it does. >> big fan of rick. >> this is such a perverse world we live in, okay. let's look as what's happening. down 158 in stocks and that pushed the ten-year yield under 170, okay. >> really. let me get this straight. they can't get a deal on controlling out-of-control debt, so rates go down. i used to trade during graham/rudman and i remember when they couldn't get deficit conversations right, treasuries went down and stocks went down. oh, would i love to get back to that type of reality. >> yeah. but you had a different guy at the federal reserve at the time. >> yeah, a different guy, you know, in hindsight he was maybe the monetizer in charge -- in chief, and we get a little historical perspective on that, but as many things that i disagree with alan greenspan on, i thought he was at lea
aboutrd. now, the president campaigned on raising taxes on people making more than $250,000 a year. the bush era tax cuts will expire at the end of this year. obama was elected with a surplus of about 3 million votes. he won the election. he campaigned on this issue. again, the speaker can't take yes for an answer. the president has presented to him something that would prevent us from going over the cliff. it was in response to something the speaker gave to the president himself, but, again, i guess with the dysfunctional republican caucus in the house even the speaker can't tell what he's going to do because he backed off even his own proposal. mr. president, the house, we hear this so often, is controlled by the reap warnings and we acknowledge that. i would be most happy to move forward on something that senator mcconnell said they wouldn't filibuster over here that he would support and that boehner would support, if it were reasonable, but right now we haven't heard anything. i don't know, and it's none of my business, i guess, although i am very serious, if the speaker and th
in the democrats' court saying the debt is too high, spending out of control and taxes should not go up. in the g.o.p.'s weekly address, he accused the president and the democrats of refusing to accept a reasonable compromise. >> the best way to address our crippling debt is to make significant spending cuts and fix our tax code. to pave the way for long term growth and opportunity. this is an approach most americans support and remains republicans' highest priority. but we only run the house. democrats continue to run washington. >> reporter: the president left town for his traditional christmas in hawaii and he and his family arriving there this morning and he has gotten in a round of golf already. before leaving the white house, he stayed back hayes spe-- scal back his expectations, and he said it is time for compromise. >> president barack obama: we move forward together sore we don't move forward at all. so, as we leave town for a few days to be with our families for the holidays, i hope it gives everybody perspective. >> reporter: if nothing is done by the end of the year taxes go up on eve
. the talks are a last-ditch effort to avoid spending cuts and tax hikes from 90% of american households. mike emanuel is live on capitol hill where all the action is taking place. is there a lot of action? there is a lot of buzz on capitol hill. mitch mcconnell, who will be attending a white house meeting told us a few moments ago that we are always the running out of time. chairman max baucus, the democrat says that he thinks this will fiscal cliff matter comes down as one white house meeting two hours from now. another top senate republican said a short time ago that he was calling on president obama to lead. >> the president is not a senator anymore. he's a president. just as president reagan worked to deal with tip o'neill and bill clinton and president eisenhower, we need leadership on not just taxing rich people, but we contact them and it wouldn't help the medicare fiscal cliff. greg: others are skeptical, noting that high-profile meetings are for show often times and all about tactics. we expect the president will try a stopgap measure extending middle-class tax rates, extending unemp
to avoid the fiscal cliff, which would mean avoiding automatic tax increases and spending cuts come, you know, 1. the president spoke to the nation this evening after an hour-long meeting with congressional leaders at the white house. democrat and republican leaders have agreed to extend jobless benefits and some tax increases. they appear to remain deadlocked on who exactly will pay those higher taxs. we have two reports tonight, beginning with major garrett at the white house. major, good evening. >> reporter: good evening, jeff. two things are clear tonight that were not clear this morning-- progress is real and if a deal is reached, it will be far smaller than any of the key players envisioned only a couple weeks ago. is this deal, if it's to be reached, will not the so-called grand bargain with trillions of dollars of deficit reduction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts for the defense department and other government programs. it looks like those cuts will go forward. what the president said today is
could propose in this meeting today if he lays something out. it would start with extending the tax cuts for those under 250, maybe 400 as some have said and up to $500,000. unemployment extenders for those on unemployment who face that being turned off at the end of the year. a medicare doc fix as they call it and a turnoff of the sequester in exchange for some larger spending cuts tpd. that is the outline of what a small deal could look like. guys, we don't have a whole lot of information on what's going to happen in that meeting. i should also mention that joe biden, the vice president, will be in there. of course, he led some of the early talks and they were all about trying to avoid this problem a year or more ago. those got nowhere. the talks over the summer got nowhere and so far the talks that are going on now have gotten nowhere as well, michelle. >> eamon, the last two things that you talked about, the doc fix for medicare, you don't cut what you pay doctors for medicare. >> that's right. >> turning off the sequester, they're talking about spending more money. no talk anywhere
plans that democrats used to support but now they won't. i don't want taxes to go up. republicans don't want taxes to go up. but we only run the house, democrats continue to run washington. >> gregg: national correspondent steve centanni joins us live from washington. >> reporter: d.c. may be some shutting down for christmas but the clock hasn't stopped and fiscal cliff is closer than ever. no deal was reached this week to keep taxes from going up. joan boehner pulled plug on the plan "b" and he says it is now up to the president and g.o.p. is continuing to hammer away at president obama. >> this is the year size of our debt surpassed the our economy. a grim milestone if we don't come to grips to w it. the president's plan to raise tax rates ko could still be as far as eye could see. >> reporter: president obama will return after christmas and work on fiscal issues. he believes a comprehensive deal could be reached but he seems to be acknowledging for scaled back plan for cutting taxes on the middle-class. >> even though democrats and republicans are arguing about whether those rates
that are beneficiary of another insurance program. that loan is a hidden tax that people don't focus on unless it's pointed out to them. it raises the cost to everyone else. that fact never gets talked about. and it should. >> the largest government health care program medicare is frequently reported to have fraud levels of high sometimes $60 billion a year. i think that's a number i heard. >> i heard it. >> so you can imagine the frustration an the part of the public about that kind of . >> absolutely. >> that kind of fraud and abuse. what has this city never been able to get the arms around the level of fraud and abuse. what does it say for the expansion of government-one programs? >> well, the fact is that it's expensive to weed out the waste fraud and abuse. it takes an awful lot of government time and money put in to eliminating it. i think it's worth doing it. i don't think we do it nearly enough because if you stop it, and slow it down, then gradually you can retract the government requirement to weed it out. you get rid of it you don't have to pay as much to keep it out as you do to get o
and democratic leaders to reach a deal to avoid tax hikes and spending cuts that take effect january 1. >> the hour-long meeting with president barack obama was the first face-to-face session together with both republican leaders of the latest fiscal crisis. obama said he was modestly optimistic about the agreement by senate leaders on a compromise bill that could be voted on by monday. that is just two days before 6 under billion dollars of automatic tax hikes and spending cuts begin to take effect -- $600 billion of automatic tax hikes and spending cuts take effect. >> we want to make sure that unemployment insurance is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >> whenever we come up with will be imperfect. some people will not like it, some people will like it less, but that is where we are. >> the democratic leader said it will prevent a tax hike on middle-class f
make it to the pentagon? >> the house did not take up the tax measure today because it did not have sufficient support from our members to pass. house speaker john boehner's statement on thursday evening as he stood in front of the house republican conference on thursday night, he recited the serenity prayer. god, grant me the serenity to accept the things that i cannot change, and close the house for business until after christmas. there is no place like an empty house for the holidays. his plan b died. >> let me be clear, speaker boehner's plans are nonstarters in the senate. >> boehner appeared on friday morning and said, if this thing were easy, it would have been done decades ago. >> i am interested in solving the major problems that face our country. that means house leaders, senate leaders, and the president, are going to continue to have to work together to address those concerns. >> the president has lifted his number to 400,000, no tax hikes for anyone making more than a million. boehner wants tax hikes for those making more than 1 million. done decades ago. what happened?
thought a $250,000 and above extension of the tax -- bush tax cuts could, in fact, pass and he was extremely, extremely angry in ways that you really hear on the senate floor with the speaker of the house. take a listen. >> it's beings operated with a dictatorship of the speaker not allowing the vast majority of the house of representatives to get what they want. if the 250 would be brought up, it would pass. >> so harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less than $250,000 a year. now that bill if it was brought to the house floor would have to pass with democratic votes. speaker boehner has said that he wants to pass something ultimately that can be con by t done by the majority of the majority. >> i don't understand how you can call him a dictator when he can't get his own bill passed. that doesn't make any sense to me. if he was a dictator, he could have done it. >> what we're watching here is a lot of finger pointing. the house side wants the senate to do s
is in the aired hading back to washington. is it too late. we are breaking doup your tax reality. >> brian: and holiday travelers are stuck on the tarmac x. one pilot was frustrated . wait until you hear what he did over com. "fox and friends" begins right now. ♪ ♪ "fox and friends". >> brian: kelley wright. i am clayton morris . this is julia morris. >> happy merry christmas. you guys have a nice christmas. >> family was here and we had a great time. >> frolic in the -- >> clayton: beautiful snow. >> you can't beat christmas in new york 73 unless you are manger square in bethlehem. >> clayton: we'll tell you about people stuck on the tarmac. five or six hours. if you were trapped or stuck in texas let us know. >> we have a folks news - fox news alert. former president bush's condition has worsened. he is 88 years old and he was formerally the president . he was hospitalized for a cough . and family spokesman admits things are not going well but doctors remain cautiously optmistic. >> he's in critical condition and in a bad way. the doctors believe there is a path for him to recover fr
to extend tax cuts for most americans. his remarks came as congress leaves washington without a plan to avoid the fiscal cliff. the president said he hoped any deal to avoid the fiscal cliff would also include and extension of unemployment insurance and lay this is about 7 minutes. >> good afternoon, everybody. for the last few weeks, i have been working with the leaders of both parties on a proposal to get our deficit under control, to avoid tax cuts -- to avoid tax hikes on the middle-class. and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending, but also ask the wealthiest americans to pay more, a proposal that will strengthen the middle class over the long haul, and our economy over the long haul. in the course of these negotiations, i offered to compromise with republicans in congress. i met them halfway on taxes and more than halfway on spending. today, i am still willing to get a comprehensive package done. i still believe that reducing our deficit is the right thing to do for the long-term health of our economy and the confidence of our
was reconciliation. august 1st was our tax extenders. the third was on our sequester. and then you finished in september with a path for tax reform. they are all on harry reid's desk. he can pick up whatever he wants. now for the president to think that just taking a break from the discussions will solve the issue, i don't understand what he thinks is going to come from that. we have had our bills over there. we even passed a budget. and we are going on four years with the senate not even passing a budget. inaction has been the choice of the senate leadership. choices have consequences. and their consequences that the american people are facing this fiscal cliff it is going to happen on january 1st and 2nd, and it is happening because they have not done their job. the president should be speaking to harry reid in the senate saying come on now, get busy on this. take up one of those budgets. take up the tax extenders. this is what i am looking for, this is what we are going to work with you on. you know what, that's not what he did. >> in the negotiations leading up to the super committee ba
the president. this is personal. this has nothing to do with raising taxes. this is a personal attack and i think it's a shame. we look like a third world country. we don't look like the united states. host: let's get a republican voice. our next caller is calling from west bloomfield, michigan, on the republican line. good morning. caller: i would like to get your thoughts on a balanced approach and have unbiased taxation by using a flat tax. that way you can calculate the amount of taxes we need for the deficit over 10 years. another point is to control the spending on entitlements by not giving millionaires social security benefits, thereby satisfying president obama's approach. instead of doing it through taxation, he can do it through the entitlements. guest: those are both ideas that have been raised, especially the social security and medicare benefits for the wealthy and potentially might not need them to live off of. one tricky part of that is wealthier americans have been paying these taxes for decades into social security and medicare if and a lot of folks have a problem with the
. >> he's going to get tax rate hikes. >> are we going over the cliff? >> i believe we are. >> be republican and be conservative and pass a bill that cuts tax. >> boehner has no control over his extreme right wing faction. >> should anybody's taxes be raised at this point? answer yes or no. >> no. no. ♪ >> we begin as president obama and the senate head back to washington set for one last effort to avert the first fiscal cliff. aloha means good-bye for the president as he packs bound for the white house tonight. the president cutting short his vacation leaving michelle and the girls behind as he gets back to work to try to prevent tax increases and spending cuts due to begin next week. there's just one problem. it appears there would be no house republicans to help hammer out a deal. the gop leadership has not yet called their members back to d.c. and will not be in session tomorrow for legislative business. according to one gop aide, they felt it's up to the democrats to act now. so the christmas spirit has not softened actions. but what has softened? customer confidence
to do anything related to taxes. we both know each side wants a piece of the other to do those exact things and both sides still refuse. is there anything that means those two factors have changed. >> we saw it on the stock market today and we saw the wild swings as news developments happened throughout the course of the day. it impacted the market throughout date and if that continues that kind of pressure from the outside could really put some force on these members of congress to come together for a deal. the closer we get the more pressure from the outside they're going feel and i think it makes it easier, not harder to get a deal in the last 48 to 24 hour space lot of folks have said that's the sweet spot for a deal anyway and there's another group that says we're going over this cliff, if even just temporarily, michelle. >> thank you, eamon. >> just days from heading back to washington, congressman aaron shaw, republican from illinois. thanks for joining us, representative. you got the call and have to go back to washington sunday, 6:30, what, if anything, are you going to vote
their tax bill for 2013 will look like right now. at some point you have to say, this is what it is. i only have so many years until i retire. risk is part of the game. this is what i am willing to invest. what is your best bet? >> there is no dow that energy stocks, to me, we are seeing the spikes in oil prices today. lori: you are basically saying try to raise some cash during this last week. that could be your fine opportunity. >> right. you have to think back at what these companies are saved. they are not overly optimistic. they were not doing back flips about the future. sometimes waiting is the best investment strategy that there is. you have to begin to see whether they will begin to grow. most companies have to face the facts. most companies are making money because of cost-cutting. i think we have to really look at ways to just be ready. the best place to be -- lori: lean and mean. cash is, well, i guess that is why you had a debate. i guess i can hold on for two weeks. >> i agree. they are lean and mean. every quarter, they are cutting more and cutting more. now, we are at the po
is expected to return to dc any time he with drew the republican plan b deal that extends tax cuts to everyone under millionaire. he was confident that the cliff could be avoided last time we heard from him. >> of course, hope springs eternal and i know we have in us to come together and do the right thing. we'll work on a plan to protect families and small businesses. >> and so there is time for a in person meeting. >> we are getting some twitter for rick. what is new york city looking like with a nor'easter on thursday. i want to know the answer on that. deadly storm system that pounded the midwest with storm and thousands of tornados heading northeast this morning. oh, my god. that is a tornado. oh, wow. oh, jesus, look at that tornado. >> gretchen: that funnel cocloud was spot indeed mobile, alabama and 10s of thens of people now without power. >> i prayed to god as loud as i could . praying for my safety and i knew and prayed that the truck stayed put and god would protect me. the brutal winds tossed the cars on top of each other and left the neighborhood a complete disaster. >> i never s
tax relief. people who believe in government will remember. the people who believe in national defense and social security and medicare will remember. they will know which party is trying to destroy working democracy in order to pursue its political ends. they will know who listens to the voter, who respects the voter, and who thumbs his nose at the voter and that ladies and gentlemen of the tea party right is you. we go over this cliff and you will not have to ask for whom the bell tolls, it willing tolling for you. leading off tonight josh green and chris frats of national journal. you don't have to be as clear as i, but try, gentlemen, tonight. it looks to me like one party, guns again it's asymmetric. both parties are not screwing around, one is. is that true? >> i think both parties want to go over the cliff. >> both want to go over the cliff? who will get blamed. >> i think republicans will get blamed but i think republicans at this point fear casting a career-threatening vote to raise taxes instead of waiting four days and letting the cliff -- >> and then they can technically sa
on democrats to try to counter that immediately. senate democrats saying we passed a bill that raises tax rates on incomes over $250,000, we ran on this and this is what we are offering. house republicans were saying, no, we want to negotiate something, figure it out and send it to us. someone is going to have to move. the question is, who? the president met with senate majority leader harry reid before going to hawaii and his offer was to extend the tax cuts for incomes under $250,000, extend unemployment insurance benefits, and the lady across -- and then delay the across the board automatic cuts that are supposed to start january 1. that seems to be a non starter with republicans. it's hard to see where we go from here. host: have they been talking over the christmas break at all? also, one has been the role of -- what has been the role of senator mitch mcconnell? guest: the line that comes from the speakers office all the time is the line of communication remain open. i don't know how much talking they did as the president was in hawaii spending time with his family and the speaker was bac
the taxes on 98% of the american people to go up. >> richard wolf, you are in washington d.c., the capital of incompetent this morning. >> yeah. >> senator reid used a phrase that has nothing to do with being a republican or democrat at this stage, i don't think, for a lot of people. the phrase he used is the american people don't understand blah, blah, blah what's going on. the american people i would submit don't understand how these people cannot do their jobs that they're elected to. so i'm wondering what's your take on what's going on in washington? you're sitting in washington. >> right. the at least we have bipartisan agreement it's all nuts, right? everyone agrees this is ridiculous and in spite of what they say, they've been talking about it for months and years and there was ample talk about what a framework should be through the election, which wasn't that long ago. there's plenty of debate. to tie the two stories we have been talking wiabout together, there was a colin powerful doctrine that general schwartzkopf executed so well in the first gulf war. which was have an exit str
and our nation's crippling debt. instead he wants more spending and tax hikes that will hurt our economy and reduces the challenges of his party to deal honestly with the entitlement reform and the big issues that are facing our nation. that's why we find ourselves here today. >> jamie: there's just nine days left. can the lawmakers work out a deal before it's too late? angela mcglowan is a fox news analyst and michael meehan ceo of ben square communications, and advisor to senator john kerry, quite a week for him. angela, before i talk to you, is whether or not a deal could happen before it's too late, is that question moot? >> no, it isn't, jamie. a deal can happen and i believe that a deal will happen. i'm going to make a statement that president obama made about being optimistic. i'm optimistic that they can cut a deal for what they need to stop doing is this political theater. they are he' still playing politics and this negotiation debacle is an example of how washington d.c. is broken, but i don't fault boehner, i fault president obama and the tea party. >> jamie: mike, at this po
there will be a resolution and that's largely based on the fact that plan "b" turns from a tax hike to a tax cut as of january 1st. >> so your forecast is -- your forecast is conditional on a resolution and that makes more sense to me. >> rick santelli, i mean, even if we do go over the cliff, anyone you've spoken to that actually believes we would stay interest. >> wouldn't we claw back at some point? >> i think that whether we go over the cliff in the traditional cnbc sense or not, we're still in for a lot of issues, and i particularly want to address my buddy jared. first of all, you know, happy holidays, jared. >> thank you. >> but you did work for joe biden, okay? and how you can be -- how you can be here telling us all how bad it is to go over the fiscal cliff when senators barack obama, senator joe biden, senator harry reid in 2006 all turned down w's request to raise the debt ceiling . >> the fiscal cliff was born in 2011. >> he didn't like it then but he wants today. he wants carte blanche today. >> let him answer, rick. >> i listened to you. please listen to me. i know that's not easy
is down 17 now at 2973. and the s&p 500 index is down eight points right now at 1411. so the tax cuts and spending cuts, there's fear of another u.s. debt downgrade by the major rating agencies. >> will that happen, and will it derail any hopes of a real economic recovery? in today's "closing bell" exchange lee munson and jared bernstein, cnbc contributor and former chief economist under vice president joe biden. we'll hopefully get andrew in a second, and we also have rick santelli who joins us as always at this time. gentlemen, fantastic to have you with us. lee, on this news it seems as if the market is getting its hopes up. personally i feel i will believe it when i see it. would you agree? >> yeah. you should wait until this is actually the ink is dried. here's one thing that's really changed in sentiment over the last week, mandy. last week everybody was talking about having this deal baked into the bryce price. now all of a sudden, as if some miracles happened, traders are actually talking about buying more puts and putting on more hedges. i can tell investors out there that it
in an effort to avoid those series of tax increases and spending cuts due to take effect next year. what we hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq has also moved to the downside by half a percent as we speak. the s&p 500, as we speak, folks, is now down for the fifth straight day. i think it's down about 1.3% over the course of this week. so far let's see what happens over the last crucial hour of this trading day. >> so the clock is ticking. all eyes are on the white h
the speaker can't tell what they're going to do. >> i don't want taxes to go up. republicans don't want taxes to go up. but we only run the house. democrats continue to run washington. >> call me a hopeless optimist, but i actually still think we can get it done. >> eamon javers live in washington. eamon, fascinating to look at that tape in retrospect. >> i think a lot of people in washington think the make-or-break deal making sessions have already happened here. and one republican senator i talked to this morning said there are very low expectations now for this meeting at the white house today. and boy, how times have changed, carl. just watching that tape that you just ran. one of the things that i'll be watching for when i'm standing on the white house north lawn this afternoon is whether or not these four congressional leaders come out as they did back in november and talk to the press after the meeting. we've had a lot of meetings at the white house where people have left very quickly, gotten into a suv and driven off the complex without talking to reporters. if they come out to those
, the end of the bush era tax cuts, the dreaded sequester, across the board cuts of $1.2 trillion in spending will begin to take effect the first of next year. the good news is the white house and republicans have been trading proposals and at least yesterday appeared to be moving closer together. i would have much preferred that they would be talking about a bigger package than they've discussed but nonetheless to reach a package that would resolve some of these issues would be an important step forward and i think help promote certainty that would be important to our economy. on the revenue side of the equation, i just want to remind you what it's taken in the past to balance the budget. we hear talk on average revenue is in the 18% of g.d.p. range n. getting back to average you will should be sufficient. the problem with that is we have never balanced the budget in the last 50 years based on 18% of g.d.p. in revenue. balancedtimes we've going back to 1969, you can see that revenue has been about 20% of g.d.p. you can see from this chart. 19.7% of g.d.p. in 1969. 1999 it was 19.
look -- whatever you think about his tax return, he's given substantial money to charity, he might want to talk about that today. i don't know what he's going to talk about. >> i heard what the secretary said yesterday about elites not paying taxes. are you comfortable with a lot of the talk that's been going on in the democratic primary and even at the democratic national convention that seemed to border on class warfare? when you yourself said, if america wants to be more competitive in the 21st century, we're going to have to lower corporate tax rates, if america's going to be more competitive in the 21st century, we'll have to look at how we make this country more competitive -- >> i think we should lower corporate tax rates, but i think it's worth pointing out that of the 33 countries and the oecd, the group of wealthier nations, only chile and mexico take a smaller percentage of their income in taxes than we do. it's worth pointing out that if you have a lot of money and you earn only capital gains, you pay 15%, which is radically lower than the rates that any other advanced socie
the bush era tax cuts, which if unchanged will expire and raise taxes on all americans. starting tuesday, the average tax hike will be three to 5% per person. >> let's keep taxes exactly where they are on the first $250,000 of everybody's income. >> reporter: the president campaigned to increase taxes only on families making more than $250,000 per year. almost two weeks ago, the president offered a compromise to raise taxes only on income above 400,000, hoping that might win republican support. >> i have gone at least halfway. >> reporter: the senate is also negotiating an extension of unemployment benefits for some 2 million jobless americans, without a deal those checks will stop next week for this mother of five who has been searching for work since february. >> if congress does not extend the unemployment benefits, then i would be without a home and i really don't know what else we would do. >> reporter: the deal under discussion in the senate right now doesn't even include the biggest part of the fiscal cliff, that 1.2 trillion dollars in mandatory budget cuts, spending cuts that ar
the company's biggest equity fund and uncovered the largest tax fraud in russian history involving top officials of the mafia. but magnitsky soon found themselves behind bars. according to his diary, he was abused and tortured and held is what the conditions and died in prison does days before the 1- year limit he could be held without trial. natalia magnitskaya still looking for justice for the sun. the acquittal only confirms our belief the trial was a sham and those irresponsible for his death will go unpunished. peter sharp, al jazeera. >> still ahead -- generals were called -- general schwarzkopf who led it to victory in the first gulf war has died. why a group aimams in the u.k. base eyeing women who marry out of their faith should be accepted. >> more lively showers coming in across parts of northern australia, particularly of course -- across the north and west. an area of clouds tumbling its way in there. a good deal whether -- wetter. is still very hot in perth, temperatures around 30 degrees celsius looking for high temperatures around 32 for brisbane. drying out toward the
believes you shouldn't tax anyone right now. i would have supported plan "b." >> you know, that was senator kay bailey hutchison of texas. and i would not be surprised if she's been to a starbucks in the washington area this morning. because at starbucks, in the washington, d.c., area at each of the starbucks locations, they write on the cups, "come together." it's sort of an impetus to maybe get these bozos in the house and the senate to come together in the fiscal cliff. we're going to be talking about the starbucks effort a little later in the show. good morning, ladies and gentlemen. >> good morning. >> good morning. it's thursday, december 27th. i'm mike barnicle in for joe, mika and willie. joining the table, we have political editor and white house correspondent for the huffington post, sam stein. >> hi. >> applause for sam. "fortune's" assistant managing editor, leigh gallagher. and the president of the council on foreign relations, author of "foreign policy begins at home: the case for putting america's house in order." and in washington, vice president and executive editor of msnb
clear on the outlines of what a deal would look like, to raise taxes on those earning $250,000 and more, and keep them where they are for everyone else. the bottom line, john, is with this little time left, is there anything that's going to avert getting us over -- going over the cliff, and the oddsmakers in washington really feel at this point, probably not, we're probably going over that cliff, john. >> that is not cheerful news, jessica. >> sorry. >> dana, what are you hearing? we just reported earlier that senators reid and mcconnell, they just met, but now they're saying, it wasn't about the fiscal cliff. what else is there to talk about? >> reporter: no. i think we know exactly what their new year's eve plans will be, we're going to be right here. senator reid himself said that they did not discuss that. and it seems to be that that is an indication, at least to republicans here on capitol hill, that it is the president's move next to make more clear what jessica is talking about. that the president has said publicly, he wants to do as kind of that stopgap, scaled down version. in
. they have the -- what do you call it. the stakes are clear, the payroll taxes, income taxes, you name it. they put it all together. and if they blow it, who's going to get hurt the most? >> well, i think the republicans right now are hammering themselves in the foot over and over and over again. at some point they may figure out how to stop doing that. but in the short-term doesn't look like that's happening. i think the low expectations right now are only helpful to them if they can get a deal done. it's not clear that can happen. they may even fall short of these low expectations they've had for two years now essentially both sides the white house and the congress advocating their way of getting it done. >> the barrel they're riding in them, the dysfunction around them. >> house republicans have walked away. i was there at the house conference meeting when he says we're not having a vote on plan "b." we're in this horrible standpoint right now. asking harry reid to ask and president obama to act. >> harry reid's his lifeline. let me ask you this. everybody watches politics. this isn't
the latest on the chances for a breakthrough-- just four days before automatic tax hikes and spending cuts hit. >> brown: then, we turn to india. ray suarez looks at the violent protests and public anger sparked by the gang rape of a young woman. >> warner: john merrow has the story of a group of california charter schools that aim to be the model-ts of education. >> america has lots of terrific schools. people open great schools every year, but they typically open just one. nobody has figured out how to mass produce high quality, cost effective schools. >> brown: we remember general norman schwarzkopf-- the man who commanded american-led forces in the persian gulf war known as "desert storm." >> warner: plus, mark shields and david brooks analyze the week's news. >> brown: that's all ahead on tonight's "newshour." >> major funding for the pbs newshour has been provided by: >> support also comes from carnegie corporation of new york, a foundation created to do what andrew carnegie called "real and permanent good." celebrating 100 years of philanthropy at carnegie.org. >> and with the ongoi
. that alone is a hidden tax people do not focus on unless it is pointed out to them. it raises the cost to everyone else. the fact never gets talked about. should. >> the largest government health care program, medicare, is reported to have brought levels -- fraud levels as high as $64 billion a year. you can imagine the frustration on the part of the public. why has the city never been able to get its arms around that level of fraud and abuse and what does it say for the expansion of government? >> it is expensive to weed out the fraud and abuse. it takes a lot of government time and money. i do think it is worth doing. we do not do it nearly enough. but it has been something -- government, at times, is wasteful in what it does not do as much as it is in what it does do. it never is risen to the top level as i think it should and hope it does. one of the reasons i did not want a government-run option is because that would have been a dumping ground for another government program to provide insurance and move away from the private market. i believe in the private market for insurance. t
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